Help Bernie Madoff’s victims: Buy his Palm Beach home listed for $8.5 million

Posted by Annalisa Burgos | October 2, 2009

bernie-madoff-palm-beach-house-for-saleFrom our Cool Houses Daily files:

Another one of disgraced stockbroker Bernie Madoff’s properties is on the market — this time in Palm Beach, Florida.

Just months after Madoff was sentenced to a 150-year prison term, the Palm Beach home he owned with wife Ruth is up for sale for just under $8.5 million.

Like his Hamptons property, which sold in mid-September, the home is relatively bare inside since U.S. Marshalls have cleared out the Madoff’s furnishings and personal belongings to sell at auction.

The rest of the furniture will be cleared out when a lucky buyer wins this unfortunate historical icon. All the profits from the sale of the home will go towards restitution for the victims of Madoff’s Ponzi scheme.

The listing touts the property as “a return to classic Florida island living,” and something about the property’s casual furnishings and landscaping are reminiscent of days gone by.

The home was purchased and renovated in the early 90s by developer Michael Burrows, so it does include fairly recent updates and some of his classic features: a 22-foot Cypress beamed ceiling with stainless steel hardware, a Honduran Mahogany front door, and large rooms with high ceilings. The home also has enough closets to fit even a Ruth Madoff-sized wardrobe.

Comments Off

UnReal Estate: Cher relists her Malibu estate for $41 million

Posted by Annalisa Burgos | July 15, 2009

cher-estate-for-sale-malibuIf she could turn back time, Cher probably would have accepted a reported offer for her massive Malibu estate, which she listed last August for $45 million but pulled off the market after nine months, says “Mama” from the popular Real Estalker blog.

Now the singing-songwriting diva has relisted her famous Italian Renaissance-style mansion for $41 million — still a bit stiff for a market where ultra high-end homebuyers are clearly in the minority.

We’ve discovered that the luxury market is not exempt from the recession as once thought.

That said, if you are in the market for a lavish home, the house that Cher built won’t disappoint. She is, after all, Cher.

The 13,000+ square foot, 6-bed, 7-bath home sits on a bluff overlooking the Pacific Ocean and features a theatre, gym, infinity pool, tennis court and multiple verandas.

Cher, do you believe in getting your asking price after renovating? I really don’t think that’s strong enough.

1 Comment »